The Economic Adviser to the Iraqi Prime Minister Haider Al-Abadi issued a statement that the Executive Board of the Iraqi Monetary Fund will approve the financial loan grant according to the agreement between Iraq and the IMF.
Muhammad Saleh said in a press statement that a meeting will take place at the end of this month from the Executive Board of the International Monetary Fund and the financial loan grant will be approved for Iraq. This approval will be according to the agreement and the first installment of loan estimated at 600 million U.S dollars will be received to move Iraqi economic sector. IMF agreed last month to issue a loan for Iraq estimated at 5.4 billion U.S dollars.
Point to be noted that the received amount will be paid back in the next three years. He added that the IMF is providing loans by imposing some conditions such as decrease in expenditures and increase non-oil sector. One of the conditions was the payment of dues to foreign oil companies. Saleh added that Iraqi government approved the important measures two weeks ago in the initial agreement memorandum and everything has been planned to receive the first installment of financial loan. He said that the International Monetary Fund has imposed some conditions against providing financial loans such as economic reforms. It includes imposing taxes and fees, and advancement in the level of banking supervision in order to fight against corruption of smuggling and money laundering.